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Magyar Telekom’s profit down

Telco

Magyar Telekom’s (MT) profits and revenue dropped in the second quarter, the company’s consolidated IFRS published today shows.

MT’s net profit fell by 5.1% to HUF 11.6 bln y.o.y. due to higher taxes and bigger financial loss, the report says.

Profit was slightly over the previous HUF 10.7 bln estimate by analysts. Earnings per share came to HUF 11.1 bln for the period.

The company’s revenue fell by 3.3% to HUF 151.8 bln. MT says turnover from all businesses - mobile, fixed line and non-core energy services - dropped, while the direct cost of sales rose by 9.5% to HUF 50.2 bln.

Though the company’s EBITDA was practically flat at HUF 49.6 bln, income taxes grew by 23.5% to HUF 4.8 bln, causing an increase of financial losses by 18.6% to HUF 7.8 bln.

Magyar Telekom had total assets of approximately HUF 1 trillion at the end of June, down by 2.0% from the end of last year. Net assets increased by 3.5% to HUF 507 bln. The net debt ratio of the company reached 42.5% at the end of the period.

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